Egypt’s Benchmark Index Drops Most in World on Capital Gains Tax - Bloomberg:
"Egyptian shares slumped the most globally after the government said it will tax investor profits a day after the presidential election concluded.
The benchmark EGX 30 Index declined 3.5 percent, the most in two months, to 8,242.94 at the close in Cairo. That made it the worst performer among more than 90 gauges tracked by Bloomberg. Telecom Egypt, the country’s monopoly fixed-line phone company, plunged 5.1 percent.
The North African country, which is struggling to cut the Middle East’s highest budget deficit, will tax net portfolio values at the end of the year, the stock exchange said today, citing the Finance Ministry. Former army chief Abdel-Fattah El-Sisi is expected to assume the presidency after initial results showed him winning more than 90 percent of this week’s vote."
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